汇率偏差并不构成法律上的出口补贴——评美国《2011年货币汇率监督改革法案》

Exchange Rate Misalignment Does Not Constitute Export Subsidy at Law——Comment on The Currency Exchange Rate Oversight Reform Act of 2011 of the U.S.

标志着美国对人民币汇率掀起新一波进攻狂潮的《2011年货币汇率监督改革法案》以汇率偏差指控为支点,重心在于将汇率偏差等同于出口补贴。抛开汇率偏差在现有国际法律制度中应由《IMF协定》及其授权的IMF辖制姑且不论,即便依WTO有关出口补贴的规则来审视,汇率偏差及其针对的人民币汇率不仅不在《SCM协定》规定的财政资助和收入支持涵盖范围之内,也没有授予中国出口产品和出口商以利益,而且人民币汇率安排是出于广泛的经济、社会稳定和发展而采取的宏观经济政策,而非以出口业绩为条件的事实上的出口补贴。《2011年货币汇率监督改革法案》虽标榜与美国承担的国际义务相符,实际上与之相悖。正因为汇率补贴得不到WTO现有规则的支持,巴西2011年9月在WTO提议建立专门针对汇率偏差的反补贴制度,值得密切关注。

The Currency Exchange Rate Oversight Reform Act of 2011 as symbol of new surge from the U.S.against Renminbi exchange rate is mainly based on the accusation of exchange rate misalignment,stressing that such misalignment constitute export subsidy.Judged by WTO rules on export subsidy,not only exchange rate misalignment and Renminbi exchange rate it targets neither fall in the scope of financial contribution and price support defined in the SCM Agreement,nor does Renminbi exchange rate confer any benefit for Chinese exports and exporters,but also Renminbi exchange rate arrangement is part of the macroeconomic policies in pursuit of widespread economic and social stability and development rather than export subsidy contingent on export performances,not to mention that exchange rate falls into the jurisdiction of the IMF Articles of Agreement and the IMF it mandates in prevailing international legal system.Just contrary to what the sponsors claimed,the bill actually runs afoul of the international legal obligations that the U.S.shall undertake.It is because exchange rate subsidy cannot find support in WTO prevailing rules,Brazil proposed to set up an independent set of rule governing exchange rate misalignment in Sept.2011,thus worthy of China＇s special attention.